The Alaska Housing Finance Corporation (AHFC) offers low-interest mortgage loans, and down payment and closing cost assistance to first-time home buyers and repeat buyers.
This article takes a look at the requirements and provides links to the homebuyer program page for every city in Alaska.
Get Pre-Approved for a Mortgage and Check Rates
If you are unable to pay your mortgage or rent payments due to Covid please visit the AHFC website.
National First-Time Homebuyer Loans
- FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
- Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
- USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
- VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
- HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.
Who is Eligible
Alaska considered anyone who has not owned a home in the last three years a first-time homebuyer. AHFC programs are primarily for first-time homebuyers but there are some programs for repeat buyers.
- Reside in Alaska
- Must qualify for a mortgage loan
- Buyers who haven’t owned a home in 3 years are considered first-time homebuyers
- A $ 250 closing credit to buyers who take a free HomeChoice homebuyer course
- Must be your primary residence
- Single-family homes, multi-unit properties, condominiums, and manufactured homes
